Homeowners

NAIC CEO Shares Insights on Insurance Regulation

Apr 28, 2022 / by AAIS posted in openIDL, Insights, Issues & Trends, Data & Technology, COVID-19, Homeowners, Climate Change, Cannabis, Auto, AAIS News & Views, AAIS Pulse, Data/Tech, NAIC, Regulation, pandemic, Regulators, Business Interruption, Economy, Cannabis Insurance, cyber insurnace

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On a recent edition of AAIS Pulse, NAIC CEO Mike Consedine sat down with AAIS President and CEO Ed Kelly to share his insights on major regulatory issues facing the insurance industry and the NAIC.

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Crypto, Solar, Tiny Homes Among Emerging Personal Lines Issues

Mar 7, 2022 / by Linda Jancik posted in Personal Lines, Community, Issues & Trends, Homeowners, New/Emerging Risks, P&C Insurers, AAIS News & Views, AAIS Insights, Insurance Line of Business, cryptocurrency

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Personal lines insurance is more diverse than ever before. During a recent Personal Lines Product Council, hosted by AAIS, Member carriers and other key stakeholders discussed several key issues affecting the market, from cryptocurrency and solar panels to container homes, “swimply”, and e-biker and scooters.

AAIS established Product Advisory Councils to bring Member carriers and other industry stakeholders together to identify the burgeoning issues concerning insurers and the broader insurance industry today. While not all issues raised can be solved through product or program developments, we believe discussing emerging issues as well as working together within the AAIS Community can spawn new ideas and usher resources to meet today’s challenges. A general overview of several emerging issues is discussed below.

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Different Ways Insurers Can Deal With Climate Change

Feb 24, 2022 / by AAIS posted in Community, Issues & Trends, Homeowners, Climate Change, P&C Insurers, AAIS News & Views, AAIS Insights, Modeling/Actuarial, Insurance Line of Business

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Dr. Phil Klotzbach, Ph. D., from the Department of Atmospheric Science at Colorado State University, says climate change is real. In a recent interview he explained that “if you go back to the late 1800s, parts-per-million of carbon dioxide was about 280; now we're sitting at about 420. We've gone up by about 50 percent of what we were about 140 years ago. With that, we've seen a global temperature rise of about eight- or nine-tenths of a degree Celsius … about 1.5 degrees Fahrenheit.”

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Why Reporting Fire Data is Still Important

Feb 2, 2022 / by Matt Hinds-Aldrich posted in Community, Issues & Trends, Data & Technology, Tech News, Homeowners, AAIS News & Views, AAIS Insights, Data/Tech, Insurance Line of Business

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Dr. Matt Hinds-Aldrich, Senior Risk Strategy Lead at AAIS and fire peril subject matter expert, recently joined Tom Louis from First Due to discuss why the National Fire Incident Reporting System (NFIRS) still matters and why it needs to improve to meets the needs of the 21st century fire service. Watch the entire discussion here:

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Ransomware – The Other Epidemic

Jan 13, 2022 / by Linda Jancik posted in Issues & Trends, Data & Technology, Tech News, Homeowners, New/Emerging Risks, P&C Insurers, AAIS News & Views, AAIS Insights, Data/Tech, Insurance Line of Business, cyber risk, cyber insurnace, ransomware

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Ransomware is a type of malicious software designed to block access to a computer system until a sum of money is paid and can target both individuals and businesses. The U.S. House Committee on Oversight and Reform shared that “in 2020, ransomware attacks on both public and private institutions in the U.S cost an estimated $19.5 billion. … in the first six months of 2021, financial institutions reported $590 million in ransomware-related transactions. Current trends indicate that ransomware transactions in 2021 alone will exceed the previous 10 years combined.”

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'Tis the Season for Community Involvement—and Advisory Councils

Dec 20, 2021 / by Matt Hinds-Aldrich posted in Insights, Issues & Trends, Data & Technology, Homeowners, New/Emerging Risks, Modeling/Predictive Analytics, AAIS News & Views, AAIS Insights, Modeling/Actuarial, Insurance Line of Business

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With the holidays and the end of the year upon us, it is the time to reflect upon the past year. And it is the time of year we tend to think about coming together, as a community, to share our experiences. In our case, I’m referring to AAIS’s product-focused advisory councils.

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Cyber, Fire, Flood…The Triple Threat Facing Homeowners

Nov 23, 2021 / by Linda Jancik posted in Community, Issues & Trends, Insurance News/Current Events, Homeowners, New/Emerging Risks, P&C Insurers, AAIS News & Views, AAIS Insights, Insurance Line of Business

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Severe weather, especially wildfire and flood, is increasing across the United States. This is exacerbated by climate change with no reduction in sight. At the same time, cyber criminals, not limited by geography, can invade our homes and businesses from anywhere in the world. Insurers facing this triple threat to homeowners are keenly aware of the trends:

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Managing Cyber Risk…Securing the Future

Nov 19, 2021 / by AAIS posted in Data & Technology, Tech News, Homeowners, P&C Insurers, AAIS Pulse, Data/Tech, Insurance Line of Business

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Cyber security is a pressing issue. With daily advancements in technology comes the need for a game of rapid catch-up in the security sector. Every day there are new products and solutions to help protect us from this growing threat. The challenge within the insurance industry is how to underwrite this constantly evolving risk.

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Climate Change & Insurance…What’s Being Done About It

Nov 11, 2021 / by AAIS posted in Issues & Trends, Industry Associations, Regulatory/Compliance, Homeowners, New/Emerging Risks, P&C Insurers, Legislation & Regulation, AAIS News & Views, AAIS Insights, AAIS Pulse, Insurance Line of Business

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Research from NASA points to several factors that support climate change from rising sea levels to warming oceans and glacial retreats. The effects of climate change have a significant impact on the insurance industry, which generates considerable premium, expense, and losses based on insured catastrophes. As these events become more unpredictable and severe, the industry must adapt.

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AAIS, Berkley Re & Munich Re Experts Talk Cyber, Fire & Flood Risk

Oct 20, 2021 / by AAIS posted in Machine Learning/AI, Issues & Trends, Data & Technology, AAIS Events, Events, Tech News, Homeowners, New/Emerging Risks, P&C Insurers, AAIS Insights, AAIS Pulse, AAIS Event Archives, Data/Tech, Insurance Line of Business

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The AAIS Pulse newsmagazine recently featured a discussion with experts from Munich Re, Berkley Re Solutions, and AAIS hosted by AAIS Vice President of Products John Kadous on the emerging risks affecting policyholders in the homeowners market. The focus was on the evolving threats around cyber, fire and flood and how they’re being impacted by climate change, technology and more.

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